Hotel management companies Benchmark Hospitality
International and Gemstone Hotels & Resorts have merged to create a
portfolio of 58 independent hotels.
Benchmark CEO Alex Cabanas called the merger a “natural fit”
because of the companies’ shared focus on independent properties and their similar
organizational cultures.
Benchmark's properties include the Turtle Bay Resort on Oahu, the Grove Resort in Orlando and the Chaminade Resort in Santa Cruz, Calif. Gemstone's portfolio includes the Mayfair Hotel in Los Angeles, the Ames Boston and Tivoli Lodge in Vail, Colo.
The companies are still determining the brand positioning of
the merged company. The headquarters are in Benchmark’s home city of Houston.
Gemstone’s headquarters in Park City, Utah, is now satellite office. The merged
company also has a satellite office in Miami.
Benchmark founder Burt Cabanas will continue in his role of
chairman of the combined companies. Burt Cabanas and
Gencom’s Karim Alibhai will be the principal shareholders.
Benchmark’s Alex Cabanas will serve as CEO. Benchmark’s Greg
Champion and Gemstone’s Jeff McIntyre will serve as co-presidents and co-COOs.
Thomas Prins, a Gemstone partner, will take on the new role of managing
director of real estate investments.